In 2020 I set up IRA retirement accounts with T. Row Price for my wife and myself and have been contributing to each annually and have those contributions as deductions on my taxes.
I'm not sure how I missed this, but when I was doing our contributions for 2023 I found out that I'd clicked Roth IRA instead of traditional when I set up one of the accounts.
I've created a traditional IRA so my contributions for 2023 are in the right place, but how do I remedy the deductions for prior years?
You'll need to sign in or create an account to connect with an expert.
If you made contributions to a Roth IRA but deducted contributions to a traditional IRA then you will have to amend your tax returns to correct the incorrect entry. Please see How do I amend my federal tax return for a prior year?
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sunshineInTheRain
Level 3
trailgirl
Level 2
mdberes
New Member
td_smartypants3d
New Member
annmarriott1
Returning Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.